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The USD/JPY is seen reversing a part of the intraday rally, when the US dollar attempts a minor correction versus its major peers after the upsurge to the highest levels in three-months reached at 91.11.The greenback’s rally was mainly fuelled by the 10-year Treasury yields’ climb above the key 3 percent levels, as markets turn optimistic on the US economic prospects, which could lead to a faster pace of Fed tightening in the coming months.The latest leg down in the spot can be attributed to the sell-off in the global equities, which spooks the markets and underpins the demand for the Yen as a safe-haven. The US companies warned of higher borrowing costs amid rising Treasury yields, pointing towards the end of the corporate earnings boom.In the session ahead, the pair will continue to track the USD price-action amid a lack of the US economic news, as attention turns towards Friday’s Bank of Japan monetary policy decision for fresh impetus on the Yen.

After bottoming out in the 132.00 area in early trade, some buying interest in the European currency emerged.Now pushing the cross to the 132.30 region.The cross, however, keeps the negative view this week, down for the third consecutive session so far following the rejection from peaks in the mid-133.00s recorded on Tuesday.EUR came under renewed selling pressure following the ECB meeting yesterday, where President Draghi delivered a somewhat cautious message, disappointing EUR-bulls.On the JPY side, the BoJ left unchanged its monetary conditions at the meeting early in the day, where Governor Kuroda re-asserted the ‘looser for longer’ stance.

The cross is coming under intense downside pressure following another bout of weakness hurting the European currency, while some bias towards the risk also lend support to a higher Japanese Yen, all collaborating with the downside to levels last seen in August 2017.In addition, poor releases in Germany today has been also weighing on EUR and at the same time undermining any attempt of recovery in the cross

The cross is coming under intense downside pressure following another bout of weakness hurting the European currency, while some bias towards the risk also lend support to a higher Japanese Yen, all collaborating with the downside to levels last seen in August 2017.In addition, poor releases in Germany today has been also weighing on EUR and at the same time undermining any attempt of recovery in the cross

I just closed my sell trade here (@ 127.88) in my last week I opened that trade at the level of 129.88. Right now, I have no intention; since we are in a range, if market breaks daily support or resistant level, maybe then I’ll go for new trade.